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tv   Markets Now  FOX Business  June 14, 2013 11:00am-1:01pm EDT

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then, here is a new way to shop for a house. courtesy of drones. one of teddy roosevelt's great achievements, china is looking to top the panama canal. that social security card that are also familiar with, it soon could be lost to technology. those stories and more coming up. ♪ dagen: good day to you. connell: good day to you, too. dagen: christine lagarde is speaking right now. the imf is reporting that the nature has improved.
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you are looking at the projection for real gdp growth. connell: 1.9 is nothing great, but it a little bit better. there it is. 5.7%. there is another headline here from ms. lagarde. calling for an appeal on the sequester. you see her there with liz claman of fox business. we have an exclusive interview for you next hour. transit asks her why she is thinking about the spending cuts and why we should get rid of the spending cuts. look for that. rail, let me go to chief economist right here in the studio.
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>> i think that wall street is a little more optimistic about the growth outlook next year. that is mostly because it looks like we will not have a budget deal. we probably will not have tax increases and budget cuts next year. they are behind on the unemployment rate. we are already at 7.5%. connell: year and 7% on unemployment. >> exactly. connell: what about spending? brian wesbury came on. he is an optimist about the economy. christine lagarde says, no, we need to be spending more. >> yes. i think there are a little bit of her politics showing there.
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the tax hike took about 1% away from growth. the spendinn cuts took away maybe half a percent. it is interesting. she is focusing on the smaller piece. i am one of those people who thinks that the private sector does a better job of allocating capital. connell: at a time where the global economy and markets has been crazy to look at. we focused a lot on interest rates. what do you make of the spike that we have seen? >> it starts. you can look at a five minute tour of ten bond yields. it was during that testimony on may 27, bernanke suggested they might taper the next few meetings. it sparked a selloff that has gone global. the rise in interest rates --
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there has been on this market fallout. there has been spillover to equity markets. we estimate the trading losses could be upwards of 10 trillion. connell: 10 trillion? >> $10 trillion since may 202. back and do economic harm. connell: -- >> they were borrowing short yen . it is down about 18 persevered
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the third most popular was long emerging markets. put currency risk in there and that is down 20%. connell: good to see you, nonetheless. we will have you back soon. >> good to see you. dagen: thank you, chris. nicole petallides at the new york stock exchange. nicole: we continue to have the volatility yet saturday. that helped our markets yesterday. today, though, pulling back a little bit. this is the name of the game. the volatility is pulling back a bit. the vix, the fear index, is slightly lighter. there are winners like groupon, tesla and others.
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those are some of the things that i am keeping an eye on today. dagen: thank you. connell: the latest on the nsa scandal for you now. the british government issuing alerts to airports. they will not allow edwards noted to board any flights to the uk. dagen: judith miller is a fox news contributor. we do know that the government is at least looking into edwards noted ties to china. >> how did the 29-year-old high
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school dropout get access to this information? congresses response has been led to limit the number of people that have access to top-secret information. the problem is, 500,000 of them, roughly, happened to be people like snowden that are contractors that have these experiences. connell: it is one thing to have the 1.5 million, but to have a third of that the contractors -- are there not guidelines in place? there should be. the government needs these contractors. >> exactly. that is what the congress is going to try to work out. there is too much work to be done by too few people. al gore announced he could
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privatize a lot of this. bill clinton embraced it all. a lot of what i covered in iraq and afghanistan, was actually done by contractors. that includes top security work. dagen: that is a big argument that you didn't here for conservators. >> this is the dark side of privatize asian. dagen: the tsa, the airport screeners used to be private until 9/11. one of the biggest government takeovers and history.
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connell: you are not as concerned. no, no. you are not as concerned. let's privatize. okay, fine. with government secrets -- >> that is another problem. look at the growth of government secrets. we are classifying information so quickly even we do not know how many documents are classified. dagen: general alexander suggested this during testimony. snowed in got access to innovation that he should not have had access to. connell: he try to get other things that could not get access to. >> we still do not know, remember, how much he has.
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they had more material than that actually published. perhaps some of it is not being published for national security reasons. mr. snowden will very much be at the center of our focus for a long time. connell: if they were to lose their permit contracts, forget about it. >> they specialize in this. worker. aiken happening government. dagen: the whole thing is just bizarre. he is born in north carolina. didn't go to high school. connell: thank you verr much, as always.
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spear a new look for the social security card. >> a new plastic card with a smart chip. cardholders would set a pin number. stolen cards would be useless. you get this plastic card and companies would buy this plastic card reader. basically, you just pop the card in, put in your pin number and it tells you immediately whether you are in the country legally or not. the group pushing them says you are not. >> we are talking about adding security to documents that are
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already being used. if they do say we should not add security to that, it seems to me that that is foolish. rich: there are a handful of companies offering. one security expert, though, questions the technology. "the information will have to be made in a database which can be hacked." the group pushing these cars says there is no evidence of hacking it as for cost, one of these smart cards would cost the government one-three dollars. * hoping to make this immigration bill through congress. dagen: way to pull it together for, rich. rich: and on a friday. [ laughter ] dagen: we will show you why
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drones are changing the real estate business. connell: one of america's great economic accomplishments. the panama canal. a chinese company is now on its way to dwarfing that at a very high price. dagen: an exclusive one-on-one interview with imf chief, christine lagarde. liz claman will talk about at the top of the next hour. ♪
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connell: one of my favorite camera shots. charles payne will have some stock picks after nicole
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petallides. nicole: take a look at what is going on with groupon. right now the dow is down. groupon jumping up 13.5%. deutsche bank today raising it to a file from a hold. talking about billing. they expect that to be on the rise. they do see this growth potential, they are raising their numbers for earnings per share. dagen: like make some money right now with charles payne. connell: he likes to follow-up on one of his older picks every now and then. he also has a brand-new recommendation. charles: it has been about a month. the next day air popped.
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we talked about it again a few days later. it is up 75%. connell: somebody mentioned it on twitter. oh, that was you. charles: they have a giant short position against it. one of the reasons for inconsistent execution, they miss the earnings. things will probably get significantly better for them. average selling prices up significantly. the value was up 26%. they have a lot of inventory in the west. it is really hot right now. it could have a real pop. 820, 30 to 40% move to the upside. connell: well done. charles: i was going to say
quote
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something about hotel california connell: and argument taking place between our fine stage manager and this one over here, dagen mcdowell. battles over the beatles. dagen: i just hate the eagles. charles: hotel california that the cusic -- that acoustic version, so nice. speak before he started singing, he was talking about housing. there is a new way to shop for a house. the story coming up for topping
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the panama canal. one company is trying to do it bigger and better in nicaragua. take a look at the currencies. ♪ we went out and asked people a simple question: how old is the oldest person you've known? we gave people a sticker and had them show us. we learnea lot of us have known someone who's lived well into their 90s. and that's a gre thing. but even though we're living longer, one thing that hasn't chang much is the official retirement age. ♪ the question is how do you make sure you he the money you need to enjoy all of these years.
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teleglobe. >> 24 minutes pass a hour. president obama is authorizing the cia to our theory and rubbles. syrian president regime killed an estimated 150 people using chemical weapons. the removal of trees to the park two weeks ago sparked protests which escalated into national protest. all of those confrontations included the police using tear gas and water cannons.
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in miami, two people are seriously. after an outdoor deck partially collapsed. about 100 people were watching the nba finals when the deck gave way. no word yet on the cause of the accident. those are your headlines. back to dagen and connell. charles is down here in the newsroom singing. connell: who knew. [ laughter ] dagen: thank you so much. if you are selling your home, you may be asking what is that flying in the sky over my listing. a lot of places are using drones to shoot aerial photos. they may be breaking the law. with more on all of that, we get the bottom line from elizabeth donald. liz: realtors love it. it gives these great shots of
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homes. you can pick up on ammo and $4650. they fly as low as 40 feet around houses. they can pick up dagen walking her dog or, watering his lawn. eighteen states are moving to the standards to restrict these drones for commercial use. per our privacy and safety concerns. you are looking at a shot right now that was taken with the drum. this is an orange county. the thing is, right now, they are operating in a gray area of the law. they are not supposed to be used for commercial use. they are not to be allowed to be flying below 40 feet. it is like a model airplane rule. realtors caught onto this when they saw the bp oil spill and
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the drones that were is there. we will see, possibly a big thing between the states and federal government. this is going down. meantime, realtors are starting to use them. watch out. dagen: you know what happens when a drone flies close to my house? i shoot it. connell: you have officially lost your mind. how about this for a development. china with some bigger plans in central america. should we be concerned? dagen: former reagan economic advisor, david stockman, is back with us.
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♪ connell: back here. now we just passed the bottom of the hour. of stowe back to the new york stock exchange as we do every 15 minutes. >> reporter::can stop, you think about all the hardware, software. that is where the success really comes from. new games, the actual cause sold. new games that are hot. well, what can stop has now is a nice line up. that is why oppenheimers pretty hot on against up. oppenheimer up in. the price target was rate 50 that -- raised its zealous.
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fifth 35 of the position to bury those losses will drive a resurgence in sales. plus, you to place some of the old games on the new council. so that's something else that's good news for game stopped ultimately. connell: all right. thanks. dagen: nicaragua granting a hong kong company the right to build a new $40 billion interoceanic canal that could rival the panama canal. connell: that's kind of interesting. in an of itself. we bring in the editorial board member of the "wall street journal" he joins us once again. good to have you. the panama canal has company. it's coming from coming essentially, the chinese blue periods should we be worried? >> let's stipulate it is not a new idea. did spectating 25. in nicaragua was considered before the panama canal was built. there was a huge like there.
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this would be a combination of railroad and making use of the -ake. it is possible that it can be built, but think that we need to take it with a little bit of skepticism, largely because we're talking about nicaragua. this is a country that does not have a rule of law, is run by kind of a sudden. -- kind of a thug. the chinese are looking for investments. thhy want to be influential. but i think we have not had the feasibility study completed yet. and i have a feeling that they might not be so enthusiastic when they look at what the potential for profits are. dagen: there is an expansion of the panama canal that is being done. is it really -- is another canal even necessary? >> i suppose that think that what they could do is compete on price with the panama canal. as you point out, they just added a new set of blocks to the
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panama canal, and i do think that the rule of law issue is an issue in the region. damning, the panama canal is a place where people have contracts. they know what they'll get. and the nicaraguan canal will look more like something like vladimir bruton would run, kind of just run by a military government become law-3 much destroyed the democratic institution. so that brings into a lot of questions. connell: that overall bigger point that you brought of a few minutes ago about the influence of china, the push to be more influential in other parts of the world. certain african nations come to mind. what about the growing influence of the chinese in this part of the world, latin-american for example and the region? >> well, basic level i think they're just i refer commodities.
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dagen: oil from anybody. >> yes. they need food, energy, and they also established a footprint there because the u.s. for a long time has control over all of that. and the other thing is the have a lot of money. and so they have to deploy it somewhere. so they are looking for opportunities in the region, but i don't think necessarily have to go with something like this. there are a lot of other options that they -- you know, the prime minister was just in mexico. i think, you know, when it comes to an investment client, mexico will be a lot more appealing than nicaragua. dagen: good to see you. >> thank you so much. dagen: she will keep an eye and it. connell: and report back test. wholesale prices edging higher hitting manufacturers are in the wallets. dagen: where else would you find jeff flock? organic dog food purveyor.
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>> reporter: general. dagen: can you hear me? >> reporter: pau, my gosh. i'm so sorry. i'm caught up in the dog food here. dagen: somebody was talking to you. we knew that. >> reporter: sorry about that. i need to get to talk to some people. this is not pet food you have ever seen before. tillich's of the stuff that is in this. not only the meat. it's 95 percent meat. may be a cynic, but some of the meat. you also see some of the other things ago and is pet food. it is the brainchild of mary moody who started this in her upper west side apartment. >> system i did to much in years ago on the upper west side. >> reporter: you found your dog benefited from this hot -- diet. >> teammate 100 percent recovery. the more i learned about it the more it made sense. it species appropriate. >> reporter: walked with me through this plan. i have never been in a dog food plan before, but i have a feeling this is not like any
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other. this ceo, harvard business school graduate. this thing is booming. this is higher-end pet food. >> it is the premium. is the premium end of the market. our customers our customers are really looking for the best food for their pet. health and convenience and palin ability of the key factors. >> reporter: what we really quickly. i just wanted it correctly. the consumer confidence numbers. obviously this is something that applies to high and consumer. how you feel about the economy right now? >> well, people a feeling a lot more confident. there really are. the pet food industry in general is a little more recession resistant and other parts, and this is because it is such a high-and pet food. it's a little more resistant. >> reporter: already of growing this facility. freeze dryers, by the way, or they freeze dry the pet food. i'll leave you with this picture of phenomenal pheasant and air. i think these pets eat better
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than i do, particularly when i'm on the road. connell: thank you very much. dagen: i'm all over that. i have a doctor has issues. serious health issues. i'm serious. connell: the aforementioned ramon. dagen: bad gi tract. coming up, former reagan adviser david stockman still not happy with ben bernanke and what he calls the fed's bubble machine. we will talk to him next. connell: and christine lagard making some headlines with in the last hour. an exclusive interview coming up with our own liz claman. don't go away. that interview out of the imf at the top of the hour. suppose to get rid of the sequester among other things. dagen: and the man of steel. set to take the box office by storm. high expectations, possibly i'm not figure weekend coming up. more on that. ♪ [ male announcer ] i've seen incrib this.
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as of yesterday's close the company's shares up 185% so far this year. tesla motors ceo. and cd w has its sights set on wall street. technology expects to raise as much as $70,038,000,000 in its ipo. selling products the likes of apple, hewlett-packard, ibm taken private back in 2007 from one and $7 billion, and is the latest from the fox business network, giving you the power to prosper. ♪ [ shapiro ] at legalom you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side.
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♪ connell: markets now. talk about the bubble, and the serial one at that that has destroyed on as prices brevard -- that is our next guest describes the federal reserve. dagen: of former reagan white house budget director. how will in all land? crisis in housing and? >> i don't think it will end well. the fed has been dissolved into
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a corner, violating every rule of sound money than ever existed . all interest rates are manipulated. the yield curve is artificial. it is created by the 85 billion every month by the fed. the stock market is essentially does not discount future earnings. it simply trades in its use. the word cloudssand the latest hint or maneuver coming out of the 12 members of the politburo are basically running this country. you cannot run a financial system with trillions of dollars versus -- with the trading value and capitalized value on the basis of 12 people. in fact, one person, the chairman, admitting like he did yesterday afternoon, i want to minutes before the close, creating a rally by telling the reporter from the wall street journal, you're misunderstanding me. this is so different from what any central banker ever thought 20 years ago.
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dagen: well, this federal reserve has only truly been independence and cents and 51. the treasury. the treasury department sold the fed during world war two starting in 1942, you have to fix interest rates. we need to keep them low. this has gone on before and a different way. >> and address that in my book, by the weight. that was a contingency during the war in which there was nothing to buy. people say most of their income, but it into government bonds. the government decided to fix the interest-rate and then maintain it after the war when it shouldn't. the point is, the fed chairman after the 51 accord. he would not have dreamed of the kind of monkey business. this is mickey mouse stuff coming from the chairman of the fed. connell: in more modern times since the crisis the fed had not been as aggressive as it was.
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>> housing bubble. first of all, we had the dot com bubble that was clearly fueled. the 1990's. and then after the dot com bubble, warning sign for the fed to back off. let interest rates be set by the market. connell: the -- >> you inflated housing bubble, a credit bubble. it all crashed. dagen: would you be happy if we rid of it? >> i think we get -- ought to go back to the original mission that was designed back in 1913 and may signed the -- pass the law. it never intervened in the open market is simply discounted good collateral that was bought by the banking system. dagen: we violated that not once but twice. and we did not go to hell after. we did not go to hell and the fed was doing the very same day in the 40's. >> the very same thing in the 40's was a different world.
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it was a world of work. it was not a function of the economy like we have today, and it was unsustainable even then. that's why it ended in 1951. but since then, and in the world economy we live in today with mass capital flows by the nanosecond, the idea that the fed is going to be setting the price of everything in financial markets is dangerous. it is reckless, and it is leading to the greatest bubble yet. connell: words. >> and the probllm is, when the market loses confidence for whatever reason, black swan or dot com with the lehman event which was unexpected. they lose control of this bubble. there will be massive panic selling, and everything will go downhill. connell: that essentially answers the question about 20082013. there you go. always great to have your point of view. thank you for coming on.
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dagen: the focus on wall street shifting to the federal reserve meeting next week. joining us now, mark neumann of care will execution. to this point we have gotten indications that the fed is gingerly tried to prepare for the market for the day that they stop buying the bonds. interest rates went up, but it was not a panic. will it be? >> you're right. all eyes are on the fed next week. given the recent volatility in the market, and i think that the market is increasingly skeptical -- skeptical of the fed claiming that it will keep interest rates down. you look at the price action recently in the eurodollar and the fed futures. if anything the market is starting to price and the likelihood that race should be higher minimal part of 2014-15. that will be important. the ira -- imf said effective communication will be absolutely key. bernanke, his willingness to keep rates low is something all investors want to hear. so it's going to be important next week. really reiterate that. dagen: thank you.
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the well. connell: $25 billion budget and the doctors gripped. a man of steel company take translates into big money. dennis kneale will be on the money for us coming next. tossing and turning have ven way to sleeping. where sleepless nights yield to restful sleep, liket hafor sopiclone camany people before.e, do not take lunesta ifou are allergic to anything in it. when takinlunesta, don't dre or orate mhinery until you feel fully awake. walking, eating, driving or engaging in other actities while asleep without remembering it the next day have been reported. lunesta should not be takento abnorm behaviors m include aggressiveness, agitation, hallucinations or confusion. in depressed patients, worsening of depression, inalcohol may increase suicthese risks.ur. allergic reactions such as tongue or throat swelling occur rarely anday be fatal. side effects may include unpleasant taste, headache,
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♪ dagen: superman, what more do you need to know? we know what he can do, leaping tall buildings, flying through the sky, picking a bus in oberlin to caraway. can the minister feels -- man of steel still bring in it and -- bring it at the box office? >> reporter: this is a rebirth of superman.
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forecasts offer $85 billion opening weekend, maybe up to 110 million. over 4,000 screens. this is a big, big important film for warner brothers. if they can make this work they failed in those six with superman returns. it brought in around 200 million. they can make this work that can turn it into a big franchise like disney has with marble and the avengers. we will be watching. there's a big effort by the producer of the batman trilogy to my very dark, tortured found, now doing mannes steel. let's face it, the beatles to batman's rolling stone. superman is can the bubble gum. so this is is vindication moment. he produces it. a darker, more men lisa vermont -- more manly superman. dagen: the star. very hot by little men in the u.s.
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>> and that is the role the swallows. like many actors have played batman. the dark night in the being the better part. this is one as well as of the actor. dagen: george clooney, horrible batman, by the way. >> she was, wasn't it? dagen: just wretched. what do you think? i'm rooting for one of them. more big actors and a film. faugh -- everybody back to there. connell: coming up with more of the next hour of markets now. a huge interview in that our pre liz claman with an exclusive.
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kristine said salad list. the imf was seeing better time to head for the economy. these new projections. the budget cuts are in danger in the week-long series of business innovation with two heavyweights. stay with us. if you've got it, you know how hard it can be to breathe and man, you know how that feels. copd includes emphysema and chronic brchitis. spiriva is a once-daily inhaled copd maintenance treatment that helps open my obstructed airways for a full 24 hours. you know, spiriva helps me breatheasier. spiriva handihaler tiotropium bromide inhalaon powder does not replace fast-acng halers for sudden symptoms. telloudoctor if you have kidney problems, aucoma, trouble urinating, or an enlarged prostate. these y worsen with spiriva.
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[♪.] order r now and get this documet shreddera $29 value, free. protect yourself now with lifelock. [click cck, ♪.. ♪ dagen: i'm dennis kneale. >> and i'm cheryl casone. moments away from the chief interview. the international monetary fund sees better times ahead the ones that sequester is in danger in growth. dennis: you would not know it from the latest tech in the u.s. new ideas, wrapup of the week-long series business
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innovation. two heavyweights. cheryl: new privacy concerns is accompanied proposes replacing year-old social security car with a new modern version. top of the hour, of course. we're approaching it. stocks every 50 minutes. nicole petallides on the floor of the nyse-listed rita perching session lows. multilayer again. >> reporter: the back and forth. above the lows of the day. with the last half-hour, we have, buffaloes. 15,100. off of one-half of 1%. public that, last friday we are seeing a losing week here on wall street. you just mentioned volatility. the fear indexes lower. it's jumping. the dollar is to the downside. imf cutting their growth outloo.
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that is not great news. also in the outlook on the financials. getting a gauge on the market. goldman down more than three-quarters of 1%. for your dow components, bank of america down more than half a percent. j.p. down. that is what we're looking for as far as the financials. u.s. sentiment came in and we saw a need to a. that was that index. what's also interesting isn't taking a look at names on the move. groupon, due to bank upgraded to a buy. game stop, another real winner. names that people are talking about today. on the downside, the banks are pulling back. cheryl: want to ask you about volatility. i know it has been a volatile week with the index. will we see more of that today? >> absolutely. right now or a 67 bus to the downside.
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dennis: the international monetary fund. calling the u.s. to immediately end this sequestration cuts, raise the debt ceiling and throw in the imf's support the president obama's budget plans. revising ellet for the u.s. growth down. liz is live in washington. imf managing director christian lagard. take it. >> reporter: we are here at the international monetary fund headquarters in washington d.c. with the latest imf report, specifically on the united states, its recovery, growth, and independence of cider downside risk that the imf sees in a fox business exclusive. we are here with christine lagard who is, of course, the managing director of the imf. thank you for joining us. >> my pleasure. cheryl: - >> in this report i see a bunch of optimistic revelations, but some pointed observations about
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everything inved, the sequestration, our growth. let's start first with the u.s. recovery specifically. you say in the report that the nature of it is changing. why and what you mean by that? >> well, we believe that there is recovery, and that the recovery is much more stable and durable than we have seen before. we forecast the u. s economy just under two and two dozen 13, and the housing market significant improvement in particular there will be a more durable recovery. could be better. clearly the unemployment numbers are not where they should be. they should be lower than that, and we see the fiscal policy, the deficit-cutting as being too hot on the economy at the moment. cheryl: -- >> let me get to that unemployment rate. it just kicked up from april to make. you say it should be lower. what grade would you have
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expected to be at in realistic for this moment in time? >> what i am seeing is that when the u.s. economy is working at full potential, if you will, unemployment should be lower than that, which is why we're seeing that when the recovery is underway it has to continue. it has to be persistent in order to effectively have a dent on unemployment, -- >> which brings me to grow than 2014. by -- well you say we will see bbtter than 2013 commute downgraded. the earlier expectation was 3%. why the pullback? >> when we forecasted 3% we had at tin that sequestration would be removed and reformat it more intelligently. all right? cheryl: and we have not seen that. >> and we have not seen that. we feel that we are not going to in the near term, which is widely belleved that sequestration will actually impact growth in the united
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states in 2014, which is why we downgraded slightly from 3 percent which is a lot more. teats. >> the wording is important her. in this imf report you specifically say repeal the sequester. it was excessively rapid and ill-defined. exerts a heavy toll on growth in the short term, and you went on to say that it should be replaced with a backlog of mixes of entitlement savings in new revenues. we have in the united states in a way, the sequester was not as bad as everybody thought. and yet you are worried. is there some other like the you see down word on this? and other shoe to drop? >> i think a lot of people feel that sequestration was bill designed and put in place precisely to be avoided. so we're seeing now is a slowdown, but hurry up.
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so what do i mean? slowdown, there is no need to contract the deficit by two and a half percent. it is very heavy and growth, and it truly impact by about one-half percent, maybe a little more, particularly if it picks up in the second quarter of 2013. we are also saying area because there are long term measures that will be critical for the u.s. economy that need to be taken now, particularly concerning entitlement. cheryl: let me get to housing because you say the one thing you worry about because you just heard, very, very upbeat about u.s. housing. be aware of weakening loan standards. now, this brings me to the federal reserve. the fed, of course, has been pumping a lot of liquidity into the system, of air into the system in the form of low-interest rates and this massive bond buying purchase. everyone is wondering when that will happen. you say it will extend through at least the end of this year.
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when dca begin? yet met with the federal reserve and treasury. >> for our statement that you just indicated, we have to make a substantive assumptions. and our assumptions are that there will be a continuation of the quantitative easing of the fed. very helpful and we hope that continues until the end of two dozen 13. 2014, depending on circumstances and particularly if unemployment improves and its inflation -- if inflation is slightly heading apollo bit, then hopefully the monetary policy that has been put in place will gradually and mind overtime with communication. cheryl: so much more to speak with christine lagard about and this covers fishing continues at 3:00 p.m. eastern on "." we will talk about the eurozone,
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and the other cypress disasters coming around the corner. so much more to discuss, and more on the federal reserve, when the tapering begins and have graceful and delicate it really has to be. she has some pointed thoughts on that. you made the point at the top of the show about how the economic numbers in the u.s. actually look pretty good. therein lies the fed's conundrum. when they do start to tighten rates, where -- will our u.s. financial sold up? our will ask christine lagard that very question. fox business exclusive. all new part of the interview at 3:00 p.m. eastern on countdown to the closing bell. dennis: that you very much, liz claman. and so far that sequester has been the boogeyman that just never showed up. more than a slice of sit down with christine lagard at 3:00 p.m., 4:00 p.m. eastern. cheryl: you just heard from christine lagard. this morning, coming from the irs to the imf, warning fiscal and monetary policies saying there are modest dress for the economy in equities.
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our next guest says would mark discontinuing to operate, we're joined now the talk about it. i know you were listening to the interview. want to ask you about this. she said, this could be better. this economy should be better. she talked about pressures dimaggios and talk about the fact that unemployment is high and then brought up the issue of sequester. does any of her language today have an impact on how you view u.s. equities and how you view the u.s. economy? >> absolutely. i looked at the unemployment rate as one of the issues that is kind of holding back a better market that we could see. the sequesters, it did come fast. it was pretty intense. i'm not sure if i agree 100 percent, but i'm not the imf leader, don valley information
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. they're better days ahead. the debt issue, the debt ceiling is going to -- i believe that will be a non-event. we will raise the debt issue. more money will be printed because we don't see inflation -- unemployment down to six 1/4% and probably won't. we will continue to have money printed, and the bottom line, manufacturing is up. the big thing is housing in the united states. here in california, your san franciscan. incredibly regressive inflation on the homes. so, combined with those and we have the best performing markets in the united states since the last three years in the first six months of this year. cheryl: let me just interrupt. want to show our viewers a look at the large return chart. i mean, markets and the bottom, and you point this out. up 150% to the bottom of the market.
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i no you're bullish and in the u.s.a. we will continue to go higher. the fed, you know,? , i guess, you would say. the big question of marquez there will they taper. you're just not worried about that. so much fear recently from analysts about that. >> not worried about it because i do think that, as the fed said, until they can get unemployment down they're not going to do anything drastic. so while it might have pulled back, and we should. we should. we are up over 10 percent for the year. we need some pullback in this market. longer-term this thing is going higher. in 2007 we had over two and half trillion dollars. what we love that today? today we have a little more.
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that is a lot of money. no yield. rocket fuel for the stock market cheryl: i have to compliment you. i don't have any more time left. depicted. stock up 28%. he picked g. up 2012, stock up 14% and wanted to giie you a couple of kudos. who will talk about a couple of stocks to you did not do so well on the above will save that for you. >> right. cheryl: thank you very much. dennis: be sure to join with more of her races of interview with imf managing director christine lagard at three and four eastern today. cheryl: a lot more news happening, and we are on it. the long awaited in his inaugural flight of europe's challenge. a panel ahead on how boeing can get past the controversy and how they will deal with this new plan.
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dennis: that's one thing they ought to do. new ideas as robust takeover more and more work. we talk with co-founder and ceo. the company profiting from that calling the angle -- colin angle is next. first term as we do every day at this time, let's look at energy. ♪ i want to make things more secure.
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we learned a lo us have known someone who's livedell into their 90s. and that's great thing. but even though we're living longer, one thingng that hasn't changed mh is the official retirement age ♪ the question is how do you make sure you have the money you need to enjoyll of these years. ♪ ♪ cheryl: we are down 78 points. right now the markets, as nicole was talking about, weighed down by financials, energy. most of the names uc and the screen the mount horizon, pfizer, coca-cola, walmart, the -nly names in the green. nicole petallides standing by on the floor of the new york stock exchange with more on today's market. >> reporter: thanks. let's take a look as some of the defense contractors. the topic in headline, our nation's security.
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and edward snowden has gone abroad and leetch crucial information because of while he was a low-level employee, he had access to very detrimental u.s. information that we have been following news. you're watching some of the defense contractors. now, become the -- company which she works for. lockheed martin. the senate intelligence committee considering legislation to limit government contract access to the sensitive data. the panel led by the chairman. so this is one of the reasons why we're taking a look at this group now. cheryl: the floor of the new york stock exchange. dennis: time for new out -- new ideas. people and places making money. more functions. joining us ahead of the company said to profit from all that. i-robot co-founder, plus here
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and recommending stock in the past on this show. getting too high, so let's go and start. thank you for being with us. now, we all love command of those sense we'll have people doing the robot. he sold 9 million of these things in a decade. it is 90 percent of your revenue from my understanding. yet right now you are going into an entirely new market for in the workppace kind of tell the presence robots. tell us about that? >> well, it is designed said address the issue of i wonder what -- want to attend the meeting, but i don't want to travel there. i don't want to sacrifice anything in the experience. so what we have done is build you. we are trying to curry the system where you are able to attend that meeting. the people in the room with the robot had an experience as powerful and impact will as if
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you were standing they're making your pitch, giving your impassioned message and have the impact the same and, of course, from your perspective you're able to get everyone's reaction. so this is very cool, high-tech stuff that allows professionals to work at a distance as part of our longer-term mission of allowing professional services to be beamed anywhere in the world wherever they're needed. dennis: it really is a neat idea, but it cost $2,500 per month or $70,000 per year, and that that cost why shouldn't the employee does get off of the sofa and go into work? >> well, you know, this is for an executive. $2,500 a month is less than one airplane trip ticket to go. so this is a very affordable system as long as we deliver that experience of being in
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person. and so we partner with cisco. the war leader and tell a presence. making sure that the audio and video is high, high audio. the executives can just basically answer the question, where you want to be. the whole system lights up with the system deployed sitting around a table. critical. if i want to justify not getting a plane, that's what you have to do. dennis: i wonder what happens when a guy decides he wants is robots to be in the women's restaurant -- restaurant. let's go to charles was an early recommend her of your stock. you recommended the stock around january. >> january 2nd at $20. my study for the 28. i think $35. so i have to tell you. i want to commend you because this tree kind of wrote you guys off as the wars are winding
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down. a lot of articles, your stock peaked and everyone said there is no teeeight -- no way you guys would make it. under a -- 187 million to 50 million. but the u.s. investor presentation, it w that in pain -- enhanced raid around resource allocation. you guys were born out of mit. you love to invent things. there is also a wall street has to make sure they make a profit. how do you ensure wall street, you're going to keep this going? >> you know, our backlog is better than it has ever been. we have resources and a world-class team that focuses not just on inventing, but also inventing practical solutions. that is why it has worked. the only road but in the world that was trusted to go into the fukushima reactor and that is why this robot is going to deliver the goods and get people technology.
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some my commitment is that this is -- these are real deal solutions and then as a company we're going to grow, but we're going to grow profitably. dennis: thank you for being with us, and good luck. >> thank you. dennis: coming up in 20 minutes, new ideas wraps up with the co-founder and ceo. cheryl: love that. welcome up next to my proposed new social security card raises privacy concerns. we're live in washing -- washington. dennis: especially at a time with this buying scandal. an interesting at dieppe. plus a darker version of superman. my medium and it is coming up. cheryl: as we go to break take a look at the world currency and how it is very against the u.s. dollar. a dollar 303 for one euro. we will be right back. ♪
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♪ >> reporter: 24 minutes past the hour. i'm -- disputing the claim.
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the panama canal could have some competition sen. nicaraguan lawmakers have approved a $40 billion plan to carve an interruption channel from the caribbean to the pacific. the hong kong company has been granted a 50-year agreement to plan and build a canal across nicaragua. former florida governor jim bush is saying the u.s. will decline unless more immigrants who are here illegally get a chance to have a path to citizenship. before gaining legal status bush says they should be refused welfare, be made to pay a fine, and the forced to learn english. in immigration overhaul bill is moving its way through congress right now. those a year headlines. now back to dennis. dennis: thank you very much. and that facelift for the social security guard. one crew pushing to make some changes as a way to cut down on the number of illegal workers. rich edson is in washington d.c. and this comes as that -- had a sensitive time with our government controversy.
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have to wonder whether anyone wants to fiddle with social security. >> questions as to whether this would be a government id card. the same information that the government has now and just make it more secure. a group of tech companies want the government that scrap those paper cards and replace them with this. a plastic social security card complete with a secure chip. americans would set up a number just like the debit card making stolen cards worthless. basically you are applying for a job. let's say you present your new smart social security card. anybody who would be hiring one by one of these, card reader for tend to $20. you put it in, enter your pin number and it tells you right on the spot at this card is legitimate and not. for privacy concerns, supporters say the social security administration would simply use this information does now, the smart cards make it more secure. >> having a card, requiring it to be shown, and then requiring the cut to be authenticated,
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what you're dding is creating laird security into the system that prevents that from from happening going forward. dennis: some companies make this type of smart card. one security expert worries about acting, saying cyber security is a huge issue with this. i guess it could open ourselves up to a larger attack of the information is stored in one location. responding saying smart cards are designed and manufactured at a high security standards. these systems have been specifically designed to strengthen cyber security. companies looking to make this part of the immigration bill working its way through congress. as for the cost, this card, two to $3 the reader is about ten to 20. dennis: thank you. you know, if every car has a chip bennett there might be the capability for government actually track your physical movements everywhere. cheryl: i think we could see what it looks like. i think that we are going to go
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digital. privacy issues are certainly a problem. dennis: we lost privacy a long time ago. cheryl: my life is boring. boeing has troubles with the dream liner, new competition today. a panel ahead on how boeing can get past all the controversy and deal with the competition from airbus. dennis: new ideas wrapped up witt co-founder and ceo. let's take a look at the mean -- take a look in the meantime some of the s&p winners and losers. ♪ [ male announcer ] in your lifetime,
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helps minimize stress, which may mage supporting teeth, by stabilizing your partial. and 'clean and protect' kills odor-causg bacteria. care for your partial. help protect your natural tth. i took my son fishing every year. we had a great spot, not easy to find, butth it. but with copd making it hard to breathe, i thought those days might be over. so my doctor prescribed symbicort. it helps significantly improve my lung function starting within five minutes. symbicort doe't replace a rescue inhaler for sudden symptoms. with symbicort, tod i'm breathi betr. and that means...fish on! symbico is for copd cluding chronic bronchiti and emphysema. it should not be taken more than twice a day. symbicort may increase yo risk of lung infections, osteoporosis, an some eyproblems. tell your docto if you have a heart condition r high blood pressure before taking it. with copd, i thought i'd missss our family traditio. now symbicort significantly impros my lung nction, tarting within 5 mutes.
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and that makes a difference in my breathing. today, we're ready for whaver swims our way. ask your doctor aut symbicort. i got my first prescription free. call or cck to learn more. [ male announcer ] if you n't afrd your r medication, astrazeneca m be able to help >> let's go to stocks and nicole? >> lew levin athletic wear
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we have followed lulu for so long it is to the down side close at 20 percent this week. we are now looking at that chart but what is interesting is they are putting out an ad on the web site for the new ceo. they had a problem and they pulled the product off the market and restocked now this week as ceo received an unexpected step down as the stock tanked 17% and i get what they are coming from. you want to be the ceo of lululemon you report to no one you are the ceo you can do whatever you want. there are silly and acute criteria but the truth is if you spend a lot of money on the stock in you were down 20% you may not think this is very funny.
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cheryl: it is not. thank you very much. airbus said it debuts the jetliner today at the paris air show. it went off without a hitch but sources are telling us rival boeing may be launching another version maybe this week and next week. take a look at the 787 on the market right now to take a look at the crucial components of this aircraft. if you break down the 787 there are a couple of things. why is aircraft so crucial? we'll get the range of the aircraft. battery problems. it has actually been the source of major issues. if you look back to earlier this year with japan airlines, all that is a major source of contention
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and that ground the aircraft for three months. first was a battery but now let's move on to look at other components. including the engine. talking about this yesterday , rolls-royce rolls-royce also makes it the engine for the airbus a-350. as you can see going back to other global companies will get the few sottish. different components for word tea / callas saki, and then the center fuselages and then boeing has a piece of it. look at the landing gear. a french company that trades on your next and then tokyo that is part of the landing gear and look at the tail of the aircraft. again going there are some
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italian company's public at the wing span this is what is fascinating. look at how the tips go up on the side. think that is a new thing we have seen with the newer aircraft over the last five or 10 years the we expand and of course, not to me she is a part of that. look at the size of the siege. looking at the first-class component private company but again aerospace is a part of that and the size of the size of the boeing 787 compared to a football field this is one of the biggest aircraft out there but airbus wants to compete with boeing in a marketing manager was in paris earlier that yes we are concerned, yes we will get our thunder stolen by
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airbus. looking at how crucial it is if boeing can get past the black guy to convince everyone to invest -- invest in the doom liner physically let's ask two experts right now about branding. gentlemen, thank you for being here. howard, on the issue of airbus with the success of the flight this morning it may be delivering an aircraft that is far superior how concerned are you as someone looking at shares of boeing in the stock? >> it is not necessarily superior it is a competitive offering. there are things with the 787 with the system that makes it more fuel efficient on a long-range flights. by the way to talk about the battery, the initial flights also have lithium ion batteries. cheryl: that is something the analyst will be watching
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as well. looking at what boeing did this week, they went to congress and defended themselves to say there was no crash. there was no injury. we took care of the problem. from a branding perspective is that enough? >> they are very smart company very iconic they will be a long time around they figure out the economy is at war with a show why you see the dreamliner they will expand on that but the big challenge now is to demonstrate to the the way this is generally a private company they need to get their people out there to talk about the technical success all of the things that you just pointed out. cheryl: but look at the stock today the boeing's stock hit its a new level
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not since october 2007 and up 34%. wall street does not seem too concerned. >> there will be more in the not too distant future and it doesn't surprise me in the next 12 months they could exceed the initial production block they targeted. cheryl: when you look at bolling, an american name moving chicago to seattle they are forecasting the global airline fleet will double. >> no question. look back 30 years ago the economy is booming in to get better and boeing will be there. cheryl: the paris air show? crucial? >> of course. maybe $50 billion of orders both companies will do well at the moment you cannot say one will do more i think it
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tells you the 787 has a lot of brand equity. cheryl: thank you for your perspective we will follow the story. dennis: new ideas it wraps up with the co-founder of ceo and of angie's list. >> you will not believe how much somebody in sampras's co paid for a parking space. coming up next. cialis tadalafil for daily use helps u beeady anytime the moment's right. yocan be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and sympms of bph, like needingo go frequently or gently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialisf you take nitrates for chest pain, as this may causan unsafe drop in blo pressure. do not drink alcohol in excess with ciali
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>> i and tracy berndt with your fox business briefs. mobil ad revenues expected to tap the to million-dollar mark according to internet marketing research firm, firm, 333% jump and keep in mind facebook had no mobile ad revenue in 2011. google's still leads the pack it is projecting more than 92% increase to the internet giant mobil ad revenue this year from 2012. the motor city emergency manager calling for shared sacrifice among the city creditors. to avoid one of the biggest municipal bankruptcy in history but the choice creditors forgive some of the $17 billion they are owed as opposed to taken a ratings downgrade. this is the latest from fox business, giving you the power to prosper.
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dennis: we wrap up our series of week-long ideas my next guest has a one-stop shop for all services the company needs. joining me now we have the ceo and co-founder of angie's list for i have never seen you in the ad i have only seen in the. how are things up since u.s. public and paul will use toe growth? >> in g is a lot prettier that is why she gets to be in the ad also little smarter things have gone very well since he took the company public. it is a recurring revenue business we did exactly what
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we're going to do only a little better. dennis: one advantage that you have with ariouu opinions sites but they'ree3 open to gaming the system to have people put on comment san you try to stop that? >> we do. we have paid membership so our consumers have to pay in order to look at the ratings but also to provide the rating and by paying that insurers they are high quality to give us information. there are no anonymous reviews and that gives the best quality data in the industry. dennis: the lack of anonymity is rare on the internet or you could put on a mask and libel anybody wanted nobody can do much about a. what can you do to expand
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usage in what percentage use angie's list and what do you wanted to be an 10 years? >> we just crossed 2 million paid households. people who paid a specifically to participate in the cerebus. we think there is an opportunity to be many times that. we have a large stenographic , a lot of the country we have not penetrated and we're growing faster than we ever have before. dennis: iipate to be a member that i post what i think of various businesses to add to your database will there ever come a time when you start to pay me for my point* of view? >> at this point* it is in the consumer's interest to contribute. there is a sense of community and people provide data to receive data so they are getting a reward by giving the data to s and
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that sense of trust has turned into a full marketplace where we can book a service and monitor if it has been provided and capture the transaction. dennis: good luck. we appreciate you being here. cheryl: now we have stocks with the new york stock exchange. the imf revises the outlook but it was down from 3% what did you make of those comments? >> i think it is interesting day made consented points communication is key going forward with how they received and although bernanke has said in the past to keep rates extremely low there is skepticism they
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certainly seem to be pricing out so we have seen a little bit of all pulled back today not the volatility of the last couple of weeks but if you look at last week and this week and prices are up off the low so the u.s. market tends to be resilient compared to the emerging market but yet we see price action and a little bit of weakness with the utilities and consumer staples with telecom given the pullback of interest rates with the 10 year and then to dropback we see a little bit of relief. >> what about the financials? >> it still remains one of the best groups out there to
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buy and that could be said for the market overall. so this is a group i want to buy the dip in the near term dennis: meanwhile oil heads for the weekly gain and let's go to phil flynn. >> a combination of refinery issues coming increasing political risk and a near the upper end of the trading range and a lot of things are in play not only with the possibility increasing tension with syria the united states admitted they had used chemical weapons and you also have the radian elections this week and in sudan they have violence to blow up the oil pipeline and of course, the ongoing tension around the globe. nobody wants to be short
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with very close to record high supplies. it is a scary weekend. patio -- back to you. cheryl: the west coast minute the fire north of colorado springs the most destructive in the state's history 60,000 acres have burned a stirring 379 holmes , 38,000 people have been evacuated from the area where it has already claimed the lives of two people. the authorities say it is about 5% contained. to all street journal reporting dell monte is looking to possibly sell the canned food business as they move the focus to the dog and cat market. that generates about 1.8 billion dollars in sales annually for the monte waa bought by kkr in 2011 at $4 billion. shares of stock for trading up $0.48.
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also in in it san francisco a prime-time parking spot sold at $82,000 an all-time high. one block from the at&t parka, the giants and the apartment owner decided to sell it instead of using another spot sold at 95 grand a few years ago. we have set a final hour coming up. ever dream about cooking with martha stewart were parting with richard branson or what about a ceo? it could be yours. coming up on markets now. >> the us superman but a darker version will fly at the box office? we will hear from cheryl hughes sought it last night e kne and invest their own wa
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dennis: media minute time. man of steel premiere's tonight, 4200 screens and $85 million opening expected it can do better? kidded come close a tto iron man now our 1.2 billion man of steel cost to the $25 million to make and offers time warner i shot to be billed of comic-book franchise. and also stars in the film justice league and warders answer to "the avengers" all separate a film franchise in their own right. and for the producer chris nolan a vindication in the dark night rises was marred
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by the opening night mass shooting one year ago and it is down for that and it fell from their predecessor still made over a billion dollars. cheryl: i really liked it. a i don't like 3-d movies but it was very good. it is well made and long but michael shannon plays general zod and he was amazing. you do care about the characters like russell crowe and. the one who plays superman is incredibly good-looking. >> but it has yet matched the u.s. inflation-adjusted of the original almost half a billion of today's dollars. >> it will still have a good weekend. cheryl: waiting on the fed
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>> you ever think about the game with martha stewart? it could be yours the ceo of auction site charity buzz will tell us how that you need some cash. a lot of it. >> it is time for stocks now we do this every 15 minutes with nicole petallides at the new york stock exchange now near the session lows of the day. >> we are right here we are down 93 points on wall street new york stock exchange sitting at a low of 15,000. just a couple of points above the weekend has been of losing weight but they are obvious about what they are talking about and in a thinly traded market until the fomc decision next week

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